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Problem 15-35 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2022, the business pays $60,000 of W-2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Kyra also has a part-time job earning wages of $11,500 and receives $3,450 of interest income. Her standard deduction is $12,950. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's tentative QBI based on the W-2 Wages/Capital Investment Limit? 30,000 Determine Kyra's allowable QBI deduction.

Problem 15-35 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2022, the business pays $60,000 of W-2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Kyra also has a part-time job earning wages of $11,500 and receives $3,450 of interest income. Her standard deduction is $12,950. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's tentative QBI based on the W-2 Wages/Capital Investment Limit? 30,000 Determine Kyra's allowable QBI deduction.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 15-35 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2022, the business pays $60,000 of W-2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Kyra also has a part-time job earning wages of $11,500 and receives $3,450 of interest income. Her standard deduction is $12,950. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's tentative QBI based on the W-2 Wages/Capital Investment Limit? 30,000 Determine Kyra's allowable QBI deduction.
Transcribed Image Text:Problem 15-35 (LO. 3, 4) Kyra, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not a "specified services" business. In 2022, the business pays $60,000 of W-2 wages, has $150,000 of qualified property, and generates $200,000 of qualified business income. Kyra also has a part-time job earning wages of $11,500 and receives $3,450 of interest income. Her standard deduction is $12,950. Assume the QBI amount is net of the self-employment tax deduction. What is Kyra's tentative QBI based on the W-2 Wages/Capital Investment Limit? 30,000 Determine Kyra's allowable QBI deduction.
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